Looks like we have a House for Sale in Silver Lake with an opportunity for a developer; or someone looking to complete their dream home, and happens to have a bundle of extra cash. The seller is looking for CASH ONLY offers.
This 1930’s cottage, 1916 Micheltorena St, perched in the Moreno Highlands, comes with approved plans designed by OXA Architecture to expand to a 2,360 sq ft, 3 bedrooms, 3 bathrooms home. With its current footprint, it offers 1,804 sq ft, 3 bedrooms, and 2 bathrooms. The impressive territorial views of the San Gabriel Mountains, The Reservoir, and Downtown L.A and convenient location to the shops and eateries on Sunset make this the perfect opportunity to build your Silver Lake Dream Home.
DETAILS:
1916 Micheltorena St Los Angeles, CA 90039
3BD/2BA
Offered at $1,388,000
For a private showing please call me 310-913-9477 or contact me.
House for Sale in Silver Lake
More, and more people are offering their Los Angeles properties for sale as “cash only”. The phenomenon is based on the inflation or rather the perception of land value in Los Angeles and the theory “if the perfect house was built on this lot… It would be worth millions!” The problem with this theory is your conventional lender i.e Chase, Bank of America, or Wells Fargo is never going to loan anyone money to buy the land and/or teardown and then hand that same person a construction loan to build a spec home. The big banks don’t care who you are or what you’ve built.
Your only alternative would be to seek financing from a hard money lender. Which may or may not be the best idea. Some of the lender will put their neck on the line as long as you have collateral or a proven residential track record. Unless you really know, and I stress REALLY KNOW what you’re doing when it comes to building a house. I strongly recommend finding a House for Sale in Silver Lake that needs minor cosmetic upgrades or is turn key ready.
